{"id":628971,"date":"2018-05-20T03:55:30","date_gmt":"2018-05-20T03:55:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/"},"modified":"2018-05-20T03:55:30","modified_gmt":"2018-05-20T03:55:30","slug":"are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/","title":{"rendered":"Are emerging markets worse off now than they were during the 2008 global financial crisis?"},"content":{"rendered":"<p><strong>The latest in emerging markets doom and gloom<\/strong>, which has become both generic and overdone, if you ask us:<\/p>\n<p><strong>Are emerging markets worse off now than they were during the 2008 global financial crisis? <\/strong>Yes, according to Harvard economist Carmen Reinhart. Bloomberg delves into the details, taking a look at a number of EM indicators between 2008 now, including current accounts (which went from surplus to deficit), economic growth (which has been on an uptrend since 2011), debt levels (which increased steadily in the last few years), as well as bond markets (where yields on EM USD bonds are below average). Other indicators such as equity valuations, foreign exchange reserves, and currency volatility also play a huge factor, but vary widely (shocker) from one EM to another. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-05-17\/worse-than-2008-here-s-what-the-emerging-market-numbers-show\">Take a look here<\/a>.<\/p>\n<p>Also: <strong>EM export growth could fall to 1% in the third quarter of this year from 6% <\/strong>in three months ending 31 March, Capital Economics forecasts. (<a href=\"https:\/\/www.ft.com\/content\/afcee626-585a-11e8-bdb7-f6677d2e1ce8\">Financial Times<\/a>)<\/p>\n<p>Worth a moment of your time this morning:<\/p>\n<p><strong>Did KSA, UAE offer to try to swing the 2016 election for The Donald? <\/strong>Donald Trump Jr. reportedly met with an emissary from Saudi Arabia and the UAE who offered to help get Trump\u2018s father elected, <a href=\"https:\/\/www.nytimes.com\/2018\/05\/19\/us\/politics\/trump-jr-saudi-uae-nader-prince-zamel.html\">the New York Times<\/a> reported this weekend. The meeting was reportedly set up by former Blackwater boss Erik Prince and included an Israeli who founded a social media manipulation firm.<\/p>\n<p><strong>Minutes of the US Federal Reserve\u2019s May monetary policy meeting <\/strong>will be released on Wednesday. Also, Fed chairman Jay Powell is expected to speak this week, so expect plenty of hand-wringing about a strong USD and rising US interest rates mean for emerging markets.<\/p>\n<p><strong>Are investors finally catching on to Erdogan\u2019s shenanigans? <\/strong>\u201cFor the better part of 16 years, Turkish leader Recep Tayyip Erdogan, a self-styled economic reformer and the world\u2019s great hope for Muslim democracy, had a compelling story\u2014and for most of that time, everyone bought it. Everyone, that is, except Turkey\u2019s old guard\u2014the secular establishment, the bn\u2019aires, generals, and educated elites who stood to lose their monopoly on power, wealth, and influence.\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-05-18\/why-investors-have-become-skittish-about-turkey\">Bloomberg\u2019s deep dive<\/a> is worth a read if you, like us, love Turkey, but not the guy running the show over there.<\/p>\n<p><strong>Trade war averted?<\/strong> China pledged to increase US imports by at least USD 200 bn by 2020, in a bid to reduce the trade deficit. The move is being hailed by the Trump Administration as a victory. (<a href=\"https:\/\/www.nytimes.com\/2018\/05\/18\/us\/politics\/trump-china-trade-talks.html\">New York Times<\/a>)<\/p>\n<p><strong>Shia cleric and one-time militia leader Moqtada Al Sadr<\/strong> saw his coalition\u2019s bloc win in Iraq\u2019s parliamentary elections. He will not be prime minister as he had not put his name up. (<a href=\"http:\/\/www.bbc.com\/news\/world-middle-east-44178771\">BBC<\/a>)<\/p>\n<p><strong>Ebola is back<\/strong> as the deadly virus has spread for the first time to a major city in the Democratic Republic of Congo, \u201craising the threat of a far larger contagion.\u201d (<a href=\"https:\/\/www.nytimes.com\/2018\/05\/17\/world\/africa\/ebola-congo.html\">New York Times<\/a>)<\/p>\n<p><strong>Some obsess over the Academy Awards. We\u2019re the same with the Pulitzers and the Loeb Awards<\/strong>, with the latter celebrating the best in business and financial journalism. <a href=\"https:\/\/www.prnewswire.com\/news-releases\/2018-gerald-loeb-awards-finalists-career-achievement-honorees-and-date-of-awards-banquet-in-new-york-city-announced-by-ucla-anderson-300650525.html\">This year\u2019s Loeb nominations are out.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest in emerging markets doom and gloom, which has become both generic and overdone, if you ask us: Are emerging markets worse off now than they were during the 2008 global financial crisis? Yes, according to Harvard economist Carmen Reinhart. Bloomberg delves into the details, taking a look at a number of EM indicators [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":628972,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"79389f36-99e0-4df5-99d0-4e18b1d8ba63","order":"0","is_powered_by":true,"section_story_id":"70ee9f47-bd7c-4377-adf9-0eaaf93b90a7","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/5\/2983.jpg","photo_position":"above","related_issue":[628968],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are emerging markets worse off now than they were during the 2008 global financial crisis? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are emerging markets worse off now than they were during the 2008 global financial crisis?\" \/>\n<meta property=\"og:description\" content=\"The latest in emerging markets doom and gloom, which has become both generic and overdone, if you ask us: Are emerging markets worse off now than they were during the 2008 global financial crisis? Yes, according to Harvard economist Carmen Reinhart. Bloomberg delves into the details, taking a look at a number of EM indicators [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-20T03:55:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/5\/2983.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Are emerging markets worse off now than they were during the 2008 global financial crisis?\",\"datePublished\":\"2018-05-20T03:55:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/\"},\"wordCount\":526,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/5\/2983.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/are-emerging-markets-worse-off-now-than-they-were-during-the-2008-global-financial-crisis\/\",\"name\":\"Are emerging markets worse off now than they were during the 2008 global financial crisis? 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right now, Fitch says: Of all the macro issues emerging markets have to worry about, the biggest concern for them at the current moment is their exposure to USD-denominated external debt as the USD strengthens, Fitch Solutions\u2019 Michael Larson said in a\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/2055.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/","url_meta":{"origin":628971,"position":1},"title":"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year","author":"enterpriseam admin","date":"27 November 2019","format":false,"excerpt":"Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt are on track to \u201csoar\u201d next year, Caroline Grady writes for the Financial Times. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597208,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/development-in-emerging-markets-is-being-held-back\/","url_meta":{"origin":628971,"position":2},"title":"Development in emerging markets is being held back","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"Ominous EM outlook of the week: Deglobalization, the Chinese slowdown, and a decade of financial stimulus in advanced economies are holding back emerging markets from catching up with the developed world, Jonathan Wheatley writes in the Financial Times. Emerging markets seemed destined for alignment with the West earlier this century,\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/3044.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594367,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/em-state-owned-enterprises-rising-debt-is-a-growing-concern-for-govt-finances-says-imf\/","url_meta":{"origin":628971,"position":3},"title":"EM state-owned enterprises\u2019 rising debt is a \u201cgrowing concern\u201d for gov\u2019t finances, says IMF","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"Emerging market state-owned enterprises\u2019 rising debt burdens are a \u201cgrowing concern\u201d for government finances, as they currently account for \u201ca significant portion\u201d of all EM debt securities, the IMF said in its Global Financial Stability report (pdf). EM state-owned enterprises (SOEs) have capitalized on \u201ceasy global financial conditions\u201d over the\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/1571.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599681,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/what-were-tracking-on-8-january-2019\/","url_meta":{"origin":628971,"position":4},"title":"What we\u2019re tracking on 8 January 2019","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"The New Year holiday lull is over, with major announcements and key important news covering business, politics, legislation and regulation and international politics coming in over the past two days. Some of the the key highlights include, FX reserves have fallen, A new capital gains tax on corporations is upon\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548899,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008\/","url_meta":{"origin":628971,"position":5},"title":"Reserves in emerging markets are falling at the quickest rate since 2008","author":"enterpriseam admin","date":"25 August 2022","format":false,"excerpt":"More warnings of a wave of EM debt defaults: Developing and emerging nations\u2019 foreign reserves dropped USD 379 bn in the first half of this year, according to IMF data picked up by the Wall Street Journal \u2014 more than at any time since the 2008 financial crisis. Rising commodities\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=628971"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628971\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/628972"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628971"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628971"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}